Cryptocurrency lending platform Celsius Network owes $439 million to EquitiesFirst, a private financial firm, according to has informed the Financial Times citing informed sources.
Recall that Celsius and some of its subsidiaries filed for bankruptcy last Thursday in a New York court. According to the documents, as of July 13, the platform’s liabilities exceeded assets on the balance sheet by nearly $1.2 billion.
The petition also mentions a “private lending platform” that Celsius used to finance its operations from September 2019 to February 2021. Cryptocurrency was the collateral for the loans.
According to the documents, in July last year, Celsius tried to pay off one of its loans and return collateral, however, “the lender was unable to return the company’s assets in a timely manner.”
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